Category: Deals and Cases

Kocian Solc Balastik, Szecskay, and DLA Piper have advised Sandberg Capital on its acquisition of a majority stake in the Green Fox Academy. The Arday, Sisa and Joosz Law Firm reportedly advised the sellers.

Operating since 2014, Sandberg Capital is a Slovakian equity firm that focuses on investments in small and medium-sized companies in the Central European region, particularly in the IT, telecommunications, education, agriculture, and retail segments.

The Green Fox Academy is a Hungarian company providing IT courses to people interested in programming. The company also has a presence in the Czech Republic and Slovakia and has provided training to around 4,000 IT professionals.

KSB previously advised Sandberg Capital on the acquisition of a 40% stake in Daktela (as reported by CEE Legal Matters on July 2, 2021) and acquisition of a 35% stake in Revolgy Business Solutions (as reported by CEE Legal Matters on July 8, 2020).

The KSB team was led by Partner Drahomir Tomasuk and Lawyer Jana Guricova.

The Szecskay team was led by Senior Partner Orsolya Gorgenyi.

DLA Piper’s team included Attorney Gabor Malina and Junior Associate Luca Papp.

Drakopoulos has advised the European Commission’s Directorate-General for Energy on reviewing the transposition process of Directive 2018/2001 (RED II) on the promotion of the use of energy from renewable sources into the Greek legal framework. Dimitrov Petrov & Co, Kirm Perpar, Wardynski & Partners, and Kinstellar Croatian affiliate Zuric i Partneri advised on the transposition review in Bulgaria, Slovenia, Poland, and Croatia, respectively. CLM Bitai & Partners and Vojcik & Partners also reportedly advised the European Commission.

“RED II is part of the EU’s ambitious 2030 climate plan as well as renewable energy targets for member states,” Drakopoulos informed.

The DPC team included Partner Pencho Stanchev and Associate Alexander Georgiev.

The Kirm Perpar team included Partner Jan Gorjup and Senior Associate Sana Koudila.

The Wardynski & Partners team was led by Partner Igor Hanas and included Senior Associate Marek Dolatowski and Associates Rafal Pytko and Jagna Krotoska.

The Kinstellar team was led by Managing Associate Marija Vuchetich and included Counsel Daniela Mayer and Associate Kristina Marinov.

Gugushev & Partners has advised Blackpeak Capital on its acquisition of a stake in Telelink Bulgaria. Karanovic & Partners’ North Macedonian office, SZA Schilling Zutt & Anschuetz, and Addleshaw Goddard reportedly advised Blackpeak Capital as well.

Blackpeak Capital is one of the largest private equity firms in Bulgaria. Telelink Infra Services is a telecom and critical infrastructure services provider in Bulgaria. According to Gugushev & Partners, Blackpeak Capital “has a total of over EUR 150 million under management, eight of which invested in Telelink Bulgaria AD via its Blackpeak Southeast Europe Growth Equity Fund. The investment will help continue Telelink Infra Services’ rapid growth through organic and M&A initiatives in Western Europe and CEE.”

Gugushev & Partners’ team included Senior Partners Victor Gugushev and Dimitrinka Metodieva and Associate Sevdelina Rabuhchieva.

Cobalt has advised LHV Asset Management and LHV pension funds on their financing for the share buyout of the Dimedium Group. Ellex advised Dimedium.

According to Cobalt, “as a result of the transaction, Sivar Irval and Oliver Kullman bought the shares of the co-shareholders of the Dimedium Group with the financing of LHV. After the transaction, the Irval company owns a 75% stake.”

The Dimedium Group is an Estonian wholesaler of veterinary medicines and products, founded in 2015.

LHV is an Estonian financial group founded in 1999.

Cobalt’s team included Estonia-based Partner Marina Kotkas, Associate Maarja Tambet, and Junior Associate Christine Magi, Latvia-based Partners Edgars Lodzins and Guntars Zile, Senior Associates Diana Zepa and Krisjanis Buss, and Associate Aigars Batars, and Lithuania-based Partner Eva Suduiko, Managing Associate Julija Beldeninoviene, and Senior Associates Laura Ryzgelyte and Lina Aleknaite-van der Molen.

Ellex’s team included Partner Ermo Kosk, Counsel Toomas Kasesalu, Senior Associate Hanna Pahk, and Lawyer Liis Tava.

CMS has advised a consortium of Zagrebacka Banka, the Croatian Bank for Reconstruction and Development, and the EBRD on financing Taaleri Energia and Encro’s EUR 126 million project to build two onshore wind farms near Zadar.

According to CMS, this is the first utility-scale renewable energy project in the country developed outside of a state subsidy scheme. Finland-based Taaleri Energia, part of the Helsinki Stock Exchange-listed Taaleri Group, and Croatian renewable energy company Encro are building two onshore wind farms in Croatia’s coastal region of Dalmatia, near the city of Zadar, which will have a combined capacity of 111 megawatts.

CMS’ team included Croatia-based Partner Jelena Nushol Fijacko, Local Partner Marija Musec, and Lawyer Relja Rajkovic and Poland-based Partners Rafal Zakrzewski and Marcin Bejm, Counsel Krzysztof Mrozik, Senior Associates Orest Matviychuk, Przemyslaw Karolak, Angelika Szufel, and Piotr Prawda, and Lawyers Marcin Krzemien, Michal Horelik, and Jakub Smialek.

CMS was unable to provide additional information on the deal.

Allen & Overy has advised the UniCredit Bank Czech Republic and Slovakia on the update of its international mortgage-covered bond program and EUR 500 million issuance of mortgage-covered bonds. White & Case advised the joint lead managers.

DZ Bank Deutsche Zentral-Genossenschaftsbank, Erste Group Bank, Landesbank Baden-Wuerttemberg, Raiffeisenbank International, and UniCredit Bank acted as joint lead managers on the issuance.

According to Allen & Overy, “the UniCredit Bank Czech Republic and Slovakia is the first Czech bank to adapt its international mortgage covered bond program to, and to issue mortgage-covered bonds under, the new Czech covered bond regulatory framework following the implementation of the EU Covered Bond Directive.”

“Driven by the intention to diversify our wholesale funding franchise, we joined the EUR mortgage-covered bond issuer community with the first benchmark-sized transaction in syndicated form,” commented UniCredit Bank Czech Republic and Slovakia CFO Massimo Francese. “We consider this issuance an important milestone for us, and we believe in enabling UniCredit Bank Czech Republic and Slovakia to utilize its high-quality mortgage assets across the jurisdictions for potential future cost-efficient wholesale financing exercises.”

Allen & Overy’s team included Partner Petr Vybiral, Senior Associate Romas Kafka, and Junior Lawyer Jan Mourek, with further team members in Germany.

White & Case’s team included Prague-based Partner Petr Hudec and Associates Petr Smerkl and Jan Vacula, with additional team members in Frankfurt.

Sorainen has advised Sunly on raising approximately EUR 200 million to expand its renewable energy portfolio in the Baltics and Poland. The fundraising included existing shareholders and new investor Mirova. Ellex and Linklaters advised Mirova on the investment.

Sunly is an independent power producer. According to Sorainen, Mirova is an affiliate of Natixis Investment Managers and a French asset manager dedicated to sustainable investing. “None of the investors have a majority stake in Sunly. Sunly will use the capital according to the two-year investment plan that foresees further development of its 17.9-gigawatt pipeline of solar and wind power in the Baltic states and Poland.”

“This is great news for our community of partners and employees,” commented Sunly CEO and Co-Founder Priit Lepasepp. “We will advance and build solar and wind farms, which helps the current energy crisis we are all experiencing. Sunly’s projects will contribute to lower power prices and increased energy security.”

Sorainen’s team included Partner Paul Kunnap and Senior Associates Mirjam Vichmann and Mirell Prosa.

Ellex’s team included Partners Ruta Armone, Dovile Greblikiene, and Martin Kaerdi, Associate Partner Edvinas Beikauskas, Senior Counsel Iveta Ceple, Counsels Jaanus Ikla and Triin Frosch, Expert Gintaras Balcius, Senior Associates Arvydas Gruseckas, Augustinas Macionis, Hanna Pahk, and Gabriele Vazniokaite, and Associates Gabriela Fomina and Ineta Kanepe.

Linklaters’ team included Partners Patryk Figiel and Daniel Cousens, Of Counsel Mikolaj Bieniasz, Counsel Christopher Quinn, Managing Associate Jakub Dabrowski, Senior Associates Michal Szperzynski, Michal Maruszak, and Michal Nocon, and Junior Associate Dominik Piechowiak.

Sorainen has advised the INVL Baltic Sea Growth Fund on its investment in LuxVet through INVL portfolio company MiniVet. DLA Piper’s Luxembourg office reportedly advised the INVL Baltic Sea Growth Fund as well.

LuxVet is a Polish veterinary care provider network.

According to Sorainen, “the INVL Baltic Sea Growth Fund acquired the MiniVet chain in June 2022. MiniVet aims to create a broad network of clinics that will also include specialized clinics offering more complex premium veterinary services. The LuxVet Group is already one of the largest veterinary networks in Poland and, by implementing a buy-and-build strategy, expects to become the leader in its home country by the end of the year.”

Sorainen’s team included Partner Mantas Petkevicius and Senior Associate Mindaugas Dominykas Baniulis.

Sorainen did not respond to our inquiry on the matter.

Kinstellar and Paksoy, working with Linklaters’ Paris office, have advised Plastic Omnium on its EUR 520 million acquisition of Varroc Lighting Systems from Varroc Engineering Limited. PwC Legal, working with Willkie Farr & Gallagher, advised Varroc on the sale of its automotive lighting systems business in the Czech Republic. White & Case reportedly advised a syndicate of banks on financing the transaction. Khaitan & Co, Creel Garcia-Cuellar Aiza y Enriquez, Lefosse, and Bennani & Associes reportedly advised Plastic Omnium in India, Mexico, Brazil, and Morocco, respectively. 

According to Kinstellar, Varroc Lighting Systems, “a Tier-1 supplier of automotive lighting systems with sales of approximately EUR 800 million in 2021, will be integrated into Plastic Omnium’s new lighting division, which generated pro forma sales of approximately EUR 1 billion in 2021 and employs 7,000 people in 11 plants worldwide.”

The Czech leg of the transaction included the sale of the plants in Senov u Noveho Jicina and Rychvald u Karvine. 

According to PwC Legal, “Varroc is an American global manufacturer of automotive lights with development centers and production facilities in eight countries in Europe, Asia, Africa, and America. Plastic Omnium is a leading global supplier to the automotive industry, employing over 30,000 people in 25 countries and operating 137 manufacturing plants and 31 development centers.”

The Kinstellar team included Prague-based Partner Karla Rundtova, Managing Associate Adam Nemec, Senior Associate Petra Ledvinkova, Associates Jakub Stastny, Anna Veselska, Tereza Maskova, Igor Sebo, and Artom Gnedin, and Junior Associates Vit Kopecny and Jan Palko and Sofia-based Partner Nina Tsifudina and Associate Gabriela Ivanova.

The PwC Legal team included Managing Associate Daniel Pikal, Senior Associate Jaroslav Srb, and Legal Consultant Martina Sedlackova. 

The Paksoy team included Partner Togan Turan, Counsel Serdar Ildirar, and Associate Melisa Sevinc.

Editor’s Note: After this article was published, White & Case informed CEE Legal Matters it had advised lender, agent, and security agent Komercni Banka, as well as Raiffeisenbank a.s., Ceskoslovenska Obchodni Banka, and Ceska Sporitelna, on the restructuring of the existing financing for Varroc Lighting Systems. The firm’s team included Partners Jan Linda and Tomas Jine, Local Partner Martin Fronek, and Associates Ondrej Barton,  Klara Kolomaznikova, and Vinh Ngo The.

Subsequently, KP Law informed CEE Legal Matters that it had advised VarrocCorp Holding BV during the share transfer of Varroc Lighting Systems Turkey to Plastic Omnium, as well as on the deal’s closing. The firm’s team included Managing Partner Onur Kucuk, Associate Partner Ozge Tuncel, and Associate Esra Agic.

Dentons has advised Vetroelektrane Balkana on a EUR 205 million refinancing of the 158-megawatt Cibuk wind farm located in Mramorak, Serbia. CMS reportedly advised the lenders on the deal.

The financing was provided by a consortium of banks consisting of UniCredit, Credit Suisse, Eurobank, and OTP Bank. 

Vetroelektrane Balkana is wholly owned by Tesla Wind, a joint venture between Masdar (Abu Dhabi Future Energy Company), Finnish energy infrastructure developer Taaleri Energia, and DEG, the investment arm of German state-owned investment and development bank KfW.

According to Dentons, “the Cibuk project, developed by Vetroelektrane Balkana, is the largest wind farm in Serbia. It produces up to 457 gigawatt-hours of electricity per year, enough to cover the needs of some 113,000 households, and reduces CO2 emissions by 370,000 tons per year.”

Dentons’ team included Partner Piotr Nerwinski, Counsel Patrycja Polasz, and Associate Wiktor Zien.

Editor’s Note: After this article was published, CMS confirmed it had advised the banks. The firm’s team included Warsaw-based Partner Rafal Zakrzewski, Senior Associate Przemyslaw Karolak, Associate Marcin Krzemien, and Lawyers Michal Horelik and Jakub Smialek, as well as Belgrade-based Partners Milica Popovic and Ivan Gazdic, Senior Attorney Ksenija Boreta, and Lawyers Jovana Bingulac and Marija Marosan.